UPDATE: The Conference Board’s consumer confidence survey for the month of January is out.

The headline number fell to 58.6, well below expectations of a drop to 64.0.

Last month’s number was revised higher to 66.7 from 65.1, meaning the drop is even steeper than it appears at first blush.

MASSIVE WITHDRAWN FROM 25 LARGEST US BANKS

SD contributor AGXIIK warned readers months ago about the FDIC’s expanded deposit insurance which was set to expire Dec 31st, predicting that the expiring expanded deposit insurance enacted in the wake of the 2008 financial panic could trigger a bank run.
Many scoffed at the report and its implications, due to the fact that the story received zero attention by the likes of Bloomberg, CNBC, or even ZH.

It appears that the expiring expanded FDIC insurance has in fact triggered a massive deposit withdrawal at the nation’s largest banks, as the Fed is reporting that $114 billion were withdrawn from the largest 25 US banks over the first week of January, the largest fund outflow since the 9/11 attacks, even exceeding the pace of the outflow during the 2008 financial panic!